Best execution product of the year: Tradefeedr

Tradefeedr has won the award for Best execution product of the year at the 2023 Risk Markets Technology Awards. The company was launched in June 2021 with the aim of interconnecting the world’s leading financial institutions on a common independent data layer analytics network. The goal was to improve counterparty communication and simplify workflows around the sharing and analysis of trading data. The network has now grown to include more than 60 institutions, covering all the major banks and some of the largest and most data-driven hedge fund and asset management firms. 

One issue Tradefeedr’s network addresses is data fragmentation. Clients trade with counterparties on multiple channels, such as single-bank platforms, application programming interfaces (APIs), multi-dealer venues and electronic communication networks. The result is that trading data can be fragmented and overly complex, making it difficult to access and analyse.

Tradefeedr provides a unified, transparent and impartial analysis of trading data, irrespective of where and how firms trade – including on single-dealer platforms and price aggregators. The market-wide data network enables both the buy and sell sides to verify source data, analyse it and share their findings. This improves market transparency, collaboration and decision-making for all market participants. 

Tradefeedr offers a wide range of benefits. For the sell side, it allows liquidity providers to demonstrate the quality of their client pricing through an independent medium and provide clients easy access to the underlying data. For clients, it improves trading execution outcomes and is used extensively to demonstrate best execution. For trading platforms, it provides additional analysis services to their clients without the need to develop bespoke tools, with the added benefit of independent calculation of the data to aid transparency.

The independent and transparent nature of Tradefeedr’s data layer, combined with the decision to offer it as a free service to buy-side clients, has led to the rapid adoption of the platform, furthering its vision of transforming financial markets.
 

Judges said:

• “There is a real point of difference in Tradefeedr’s approach and it seems to be doing well.”
• “Nice foreign exchange consolidation and dual approval approach.”  
• “Solving real problems, efficiently and effectively.” 

Balraj Bassi, co-founder and chief executive at Tradefeedr, says:

“Tradefeedr is a new type of market intermediary in financial markets that provides greater transparency, easier access to trading data and better decision-making tools for all. We were inspired by the rise of open banking data APIs in consumer banking and asked ourselves: ‘Why are financial markets, which are in the most data-driven industry, lagging behind this innovation?’ From there we set out to build our own.”

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